Posted on 10/08/2020 10:38:24 AM PDT by SJackson
Round about a month ago, I took a closer look at Joe Biden’s retirement-related policy proposals, or, more specifically, those of the “Unity Task Force,” which had just released its final document.
One of the items in that document and on the Biden campaign website is a promise to “equalize the network of retirement saving tax breaks” — a proposal that generally translates to eliminating the tax advantages currently enjoyed by retirement savings accounts and replacing them with a “credit” or “match.” The idea is that the tax advantages, or “tax expenditures,” as they’re called, disproportionately accrue to relatively higher earners, and the hope of a change is to provide benefits in equal measure to all income groups.
But how this translates in practice is not clear. An article at Roll Call this morning picked up on the proposal, as did Courthouse News, but neither had more detail, referencing only a 2014 Urban Institute/Tax Policy Center proposal, which provided various hypothetical alternatives.
So what did that proposal suggest? It included a variety of options, including
Reducing total available pre-tax savings (employer and employee) from (at the time) $51,000 to only the lesser of $20,000 or 20% of pay; Expanding the currently relatively-small “Saver’s Credit” (equal to 50% of the first $2,000 in retirement savings, only for relatively lower earners, up to $$19,500 for singles, $39,000 for couples; and phasing out quickly, to 20%, 10%, and ultimately nothing for singles with $32,500/couples with $65,000 in income) to stay at 50% for higher earners and phase out in a much more gradual manner instead; or Wholly removing any tax benefit for retirement savings and provide a credit of 25% instead ...snip...
(Excerpt) Read more at forbes.com ...
likely we are not going to know nov 4th
“Not just the 401Ks, there’s lots of money in Roths.”
They will go after the Roth’s and the Trip zero accounts for college savings in exchange for free college.
> Roths $$ have already been taxed...
Yeah, but those untaxed appreciation gains are unfair exploitation of poor people. Given that, I wouldn’t put it past them from trying to reclassify any withdrawals from a roth as ordinary income. You know, “fairness”.
It’s called redistribution of wealth. Kiss your 401k, 403b, and IRAs goodbye. This has happened in other countries when the Marxist/Commie/Socialist take over. Dems will do this with no conscience.
The people better wake up before this destroys us.
> they can start going after all those 401k balances...
Yep, convert them into Illinois state bonds or something like that.
IMHO. I pray I'm wrong.
If Republicans brought up the danger to 401ks if the Democrats get control they will easily win the WH, House and come close to 60 in the Senate.
A few “Kiss your 401Ks good bye” commercials like the Throw Grandma off the Cliff SS commercials the Dems did would do it.
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Trump hits that talking point all the time and is consistent about doing so.
The progs don’t just want the extra tax money, they want to make sure everyone is dependent on the capricious government for survival. Dependent slaves are reliable voters.
I’ll I know is I would walk through a firing squad to cast
my vote this time.
It’ll either go the right way, or this nation is done.
You are WRONG we will have another divine intervention in 2020 if they cheat as we KNOW they will it will be uncovered we will win this election WE have the hand of God on us!! They have Satan with them and Satan never wins EVIL never wins and these people are truly EVIL!!
Fact: A lot of lower income people don’t have a 401k.
Fact: A lot of lower income people are minorities.
Democrat Conclusion: 401k’s are racist.
...annuity contract that would pay out monthly guaranteed income at age 75..
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I have heard of annuity contracts that begin to pay out less after 75 and then, at 83 or so, people are told they no longer have enough life span left to justify the annuity. I’m not sure what happens then....they need to withdraw everything and pay the tax on the excess?
Always reminded me of those term insurance policies that suddenly jump in payment costs at age 73.
I think their goal is to eliminate the deferred taxation aspect of it.
They might not be able to get their hands on the tIRAs that retirees already have invested, but they can change the 401(k) plans going forward for current workers so that the money is taxed today.
Beyond that, I didn't spend the time digesting the scenario comparisons to figure it out.
-PJ
...the China and Ukraine payoff pipeline.
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I believe this, and similar arrangements, are the real reason the elite are after Donald and, of course, us.
Donald Trump not only broke their rice bowls, he took away the rice.
The hatred is seated there.
No problem.
Trivial. Sigh. In Florida at least we have paper ballots in case of recounts. All we can do is vote. We'll be there.
They’ve been eyeing your 401K’s since they were invented.
They WANT to grab that money.
Meybe they’ll put it in a ‘lock box’ like social security.
But I guarantee there are people right now thinking of ways they can grab and spend your 401k
Maybe it’s a national emergency to retire US national debt.
But they are thinking about it...
Yeah, this is not really new. I distinctly remember Hillary! wanting something similar. I remember it because the way she said it was actually funny (if it weren't for the fact that she was trying to rob us of our retirement savings). She explained the plan and her closing comment on the subject was: "I want that money!"
So, it seems that the Dems have this for an objective no matter who is running.
Keep praying. :-)
...Satan never wins EVIL never wins...
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Satan wins *in the short term*. In terms of human life spans and working life spans, that could be sufficient for evil to get in as many licks as it can.
The real reason is socialism.
But the real purpose of socialism is the redistribution of wealth to the redistributors, their goons, minions, cronies and families.
So it comes around indirectly to taking their rice.
Capturing the senior vote.
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